problem is that most of the consumers when ill are vulnerable and this is why
the prices are more expensive than anywhere in the world. The costs affect
businesses and local governments. The employees are shackled to employers as
individual insurance is exorbitant. Retirement also seems out of reach because
of medical costs.
The Affordable Care Act has made insurance mandatory, but
there is no plan to make it affordable, as the burden is high on businesses and
Republicans want to
create a Federal program for universal private insurance, funded by a payroll
tax and each state could decide whether to take part. The program would fund
the purchase of private insurance but with no premiums or deductibles. Insurers
who participated would insure everyone and the policies would be uniform and
would include co-pays to avoid over-consumption.
All citizens of
participating states would be part of a giant pool and insurers also a part of
the pool would compete on quality of service provided.
Medicare and Medicate
would become obsolete as all citizens would have full coverage. States opting
not to participate in the Federal Universal coverage program would replace
Medicare and Medicaid on their own.
The main challenges'
this proposal will face is the transparency which could lead to political
hardships. The rules would also have to prevent state-shopping.
though hit by a new tax would find opportunities to retire or launch new
ventures as they would be free of high individual health insurance. There were
ways to improve and develop a healthier approach. Liberals would benefit with
universal tax-financed care, there would be no fear of bankruptcy due to
illness in the family and importantly, the poor would have the same healthcare
as everyone else.
Hannah Punitha (IRDA Licence Number: 2710062)
Goplifer, March 2013